I’ve been using the wheel strategy on a few stable stocks, and so far, it’s been steady income. However, I’m curious if anyone has had a situation where it backfired? How did you handle it, and would you still recommend the strategy for someone looking for a relatively low-risk way to trade options?

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Finally getting good at the wheel. But, right now I am dealing with the SOFI run-up. I have a covered call on it and I could be leaving $3-5K on the table.

I made about $6K in premium though…

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It is just a matter of time. Every time on a while it will go wrong, but you need to be prepared and have a plan when that happens

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I know many people that got burned badly. It's why the safest way is a wide spread to replace the short put is used. Doesn't have happen often to eat years worth of gains.

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Does one need to have shares to get in on wheel strategy similar to covered calls?

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You have to have 100 shares of a stock worth to put in a cash secured put, once assigned stock, you do a covered call with your 100 shares. That’s one contract.

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What stock do you recommend wheeling?

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Been wheeling on snowflake, ceo resigned out of the blue and it's been steadily declining from $200 to $120 😂

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Should I see a covered call on NVDA and what expiration?

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likehelpful

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What’s does “fill the gap” mean??

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likehelpful

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$DPZ 370c 3/27

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[Help]

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likefunny

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